GPRE Green Plains Inc

Results for the Second Quarter of 2024 and Future Outlook:

• Net loss attributable to Green Plains of $24.4 million, or EPS of $(0.38) per basic and diluted share, compared to net loss attributable to Green Plains of $52.6 million, or $(0.89) per basic and diluted share, for the same period in 2023
• EBITDA of $4.8 million, a $19.7 million improvement compared to the prior year, driven by stronger ethanol production segment results, including consolidated crush margin of $22.7 million in the second quarter
• Strong EBITDA outlook for the third quarter and the second half of 2024 based on current markets, improvement of corn oil pricing, and Ultra-High Protein demand leading to profitable outlook for the third quarter
• Achieved record platform renewable corn oil yields for the quarter along with record Ultra-High Protein platform yields in June
• Entered into a definitive agreement to sell the unit train terminal in Birmingham, Ala., and will utilize the proceeds to help repay the outstanding balance of the Green Plains Partners term loan
• Engaged Bank of America as financial advisor and Vinson & Elkins LLP as legal advisor to assist in the strategic review process

Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the second quarter of 2024. Net loss attributable to the company was $24.4 million, or $(0.38) per basic and diluted share, compared to net loss attributable to the company of $52.6 million, or ($0.89) per diluted share, for the same period in 2023. Revenues were $618.8 million for the second quarter of 2024 compared with $857.6 million for the same period last year. EBITDA was $4.8 million compared with ($15.0) million for the same period in the prior year.

“While the second quarter started with continued weakness, margins began to improve heading into the third quarter and we expect to return to profitability for the quarter based on current markets across our products and setting up a stronger second half of the year overall,” said Todd Becker, President and Chief Executive Officer. “During the second quarter we continued to progress toward our transformation goals, from new high protein capacity to carbon capture to commissioning Clean Sugar. We saw consistent run rates across our platform with a plant utilization rate of 93%. In June we achieved an average yield of over 3.5 pounds of protein per bushel and we believe we can grow from there as we continue to run our systems more effectively. With the forward ethanol production margins and corn oil pricing improving, combined with strong customer demand for our high protein products, we are set up to have a strong back half of the year.”

“Our ‘Advantage Nebraska’ carbon strategy remains on track for a second half of 2025 start as our capture equipment has been ordered, with construction anticipated to begin in the next several months,” commented Becker. “Because of this progress, we believe we are well positioned to capitalize on the early days of the 45Z Clean Fuel Production Credit which should be beneficial for delivering increased earnings. Trailblazer continues to make great progress and we anticipate that with our three Nebraska plants, representing 287 million gallons of production, we will be one of the largest and earliest producers of low carbon-intensity ethanol in the U.S. This also positions us to supply low-CI ethanol as a feedstock for future alcohol to jet SAF production, in addition to demand for low carbon molecules overall.”

“The world’s first commercial scale Clean Sugar Technology facility began commissioning during the second quarter and we continue to make progress in debottlenecking,” added Becker. “We believe this game-changing technology has the potential to usher in a new era of sustainable processing, as our dextrose has up to a 40% lower carbon-intensity than that produced at a wet mill. Customer demand remains robust and while ramp-up has been slower than expected, we remain fully confident in the deployment of this technology.”

The company announced a strategic review process in February 2024 to explore a broad range of opportunities to enhance long-term shareholder value, including, but not limited to, acquisitions, divestitures, a merger or sale, partnerships and financings. The Board of Directors continues to progress the strategic review process and has formed a Special Committee to assist the Board with the evaluation of various alternatives. In addition, the company has engaged Bank of America as its financial advisor and Vinson & Elkins LLP as its legal advisor. There is no deadline or definitive timetable for completion of the strategic review process, and there can be no assurances that the process will result in a transaction or any other outcome. The company does not intend to make any further public comment regarding the review until the Board has approved a specific action or otherwise determines that additional disclosure is appropriate or required.

“As one part of our ongoing strategic review, we have entered into a definitive agreement to sell our unit train terminal in Birmingham,” concluded Becker. “The proceeds will be used to help repay the outstanding balance of our Green Plains Partners term loan. Eliminating this higher priced debt will support generation of free cash flow and help to simplify and streamline the business, while allowing us to focus on our core strategic initiatives. We anticipate this transaction will close in the third quarter.”

Highlights and Recent Developments

• Executed construction management agreements and ordered major equipment necessary to capture carbon from Nebraska facilities as part of ‘Advantage Nebraska’ strategy
• World’s largest MSC™ system now operational at Tharaldson Ethanol in Casselton, North Dakota, bringing total production capacity of Ultra-High Protein marketed by Green Plains to 430,000 tons

Results of Operations

Green Plains’ ethanol production segment sold 208.5 million gallons of ethanol during the second quarter of 2024, compared with 194.8 million gallons for the same period in 2023. The consolidated ethanol crush margin was $22.7 million for the second quarter of 2024, compared with $4.6 million for the same period in 2023. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes renewable corn oil and Ultra-High Protein, plus marketing and agribusiness fees, nonrecurring decommissioning costs, and nonethanol operating activities.

Consolidated revenues decreased $238.8 million for the three months ended June 30, 2024, compared with the same period in 2023, primarily due to lower weighted average selling prices on ethanol, distillers grains and renewable corn oil, partially offset by higher volumes sold on ethanol, distillers grains and renewable corn oil within our ethanol production segment. Revenues were also lower within our agribusiness and energy services segment as a result of decreased ethanol and distillers grains trading volumes.

Net loss attributable to Green Plains decreased $28.3 million and EBITDA increased $19.7 million for the three months ended June 30, 2024, compared with the same period last year, primarily due to higher margins in our ethanol production segment. Interest expense decreased $2.2 million for the three months ended June 30, 2024 compared with the same period in 2023 primarily due to lower working capital revolver balances. Income tax benefit was $0.3 million for the three months ended June 30, 2024 compared with income tax benefit of $1.0 million for the same period in 2023, primarily due to an increase in the valuation allowance recorded against certain deferred tax assets for the three months ended June 30, 2024.

Segment Information

The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities.

As a result of the Merger, the partnership's operations are included in the ethanol production operating segment. The following changes were made to the company's operating segments:

• The revenue and operating results from fuel storage and transportation services previously disclosed within the partnership segment are now included within the ethanol production segment.
• Intersegment activities between the partnership and Green Plains Trade associated with ethanol storage and transportation services previously treated like third-party transactions and eliminated on a consolidated level are now eliminated within the ethanol production segment.

Intersegment activities between the partnership and Green Plains Trade associated with terminal services transacted with the agribusiness and energy services segment will continue to be eliminated on a consolidated level.

GREEN PLAINS INC.

SEGMENT OPERATIONS

(unaudited, in thousands)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

% Var.

 

 

2024

 

 

 

2023

 

 

% Var.

Revenues

 

 

 

 

 

 

 

 

 

 

 

Ethanol production

$

525,443

 

 

$

728,935

 

 

(27.9)%

 

$

1,031,102

 

 

$

1,426,653

 

 

(27.7)%

Agribusiness and energy services

 

100,949

 

 

 

135,823

 

 

(25.7)

 

 

199,945

 

 

 

278,209

 

 

(28.1)

Intersegment eliminations

 

(7,567

)

 

 

(7,126

)

 

6.2

 

 

(15,008

)

 

 

(14,281

)

 

5.1

 

$

618,825

 

 

$

857,632

 

 

(27.8)%

 

$

1,216,039

 

 

$

1,690,581

 

 

(28.1)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

 

 

 

 

 

 

 

 

 

Ethanol production (1)

$

30,390

 

 

$

9,057

 

 

235.5%

 

$

27,747

 

 

$

642

 

 

*

Agribusiness and energy services

 

7,433

 

 

 

6,414

 

 

15.9

 

 

18,443

 

 

 

15,520

 

 

18.8

 

$

37,823

 

 

$

15,471

 

 

144.5%

 

$

46,190

 

 

$

16,162

 

 

185.8%

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

Ethanol production

$

20,544

 

 

$

23,253

 

 

(11.7)%

 

$

41,078

 

 

$

47,007

 

 

(12.6)%

Agribusiness and energy services

 

497

 

 

 

536

 

 

(7.3)

 

 

1,002

 

 

 

1,349

 

 

(25.7)

Corporate activities

 

543

 

 

 

837

 

 

(35.1)

 

 

991

 

 

 

1,656

 

 

(40.2)

 

$

21,584

 

 

$

24,626

 

 

(12.4)%

 

$

43,071

 

 

$

50,012

 

 

(13.9)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

Ethanol production (2)

$

(2,213

)

 

$

(25,139

)

 

91.2%

 

$

(35,866

)

 

$

(67,089

)

 

46.5%

Agribusiness and energy services

 

2,166

 

 

 

2,173

 

 

(0.3)

 

 

8,170

 

 

 

6,299

 

 

29.7

Corporate activities

 

(17,664

)

 

 

(19,514

)

 

9.5

 

 

(34,904

)

 

 

(38,230

)

 

8.7

 

$

(17,711

)

 

$

(42,480

)

 

58.3%

 

$

(62,600

)

 

$

(99,020

)

 

36.8%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

Ethanol production (2)

$

17,952

 

 

$

(1,141

)

 

*

 

$

4,331

 

 

$

(18,945

)

 

122.9%

Agribusiness and energy services

 

3,045

 

 

 

2,871

 

 

6.1

 

 

10,101

 

 

 

8,098

 

 

24.7

Corporate activities

 

(16,230

)

 

 

(16,702

)

 

2.8

 

 

(31,185

)

 

 

(31,821

)

 

2.0

EBITDA

 

4,767

 

 

 

(14,972

)

 

131.8

 

 

(16,753

)

 

 

(42,668

)

 

60.7

Proportional share of EBITDA adjustments to equity method investees

 

271

 

 

 

45

 

 

*

 

 

316

 

 

 

90

 

 

251.1

 

$

5,038

 

 

$

(14,927

)

 

133.8%

 

$

(16,437

)

 

$

(42,578

)

 

61.4%

(1) Costs historically reported as operations and maintenance expenses in the consolidated statements of operations are now being reported within cost of goods sold, resulting in increased cost of goods sold and decreased gross margin within the ethanol production segment.

(2) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of $9.5 million for the three and six months ended June 30, 2023.

 

* Percentage variances not considered meaningful

GREEN PLAINS INC.

SELECTED OPERATING DATA

(unaudited, in thousands)

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2024

 

2023

 

% Var.

 

2024

 

2023

 

% Var.

 

 

 

 

 

 

 

 

 

 

 

 

Ethanol production

 

 

 

 

 

 

 

 

 

 

 

Ethanol (gallons)

208,483

 

194,753

 

7.0%

 

416,387

 

401,633

 

3.7%

Distillers grains (equivalent dried tons)

463

 

 

458

 

 

1.1

 

932

 

 

940

 

 

(0.9)

Ultra-High Protein (tons)

65

 

 

44

 

 

47.7

 

125

 

 

96

 

 

30.2

Renewable corn oil (pounds)

73,630

 

 

64,689

 

 

13.8

 

140,351

 

 

132,700

 

 

5.8

Corn consumed (bushels)

71,819

 

 

67,336

 

 

6.7

 

143,093

 

 

138,571

 

 

3.3

 

 

 

 

 

 

 

 

 

 

 

 

Agribusiness and energy services (1)

 

 

 

 

 

 

 

 

 

 

 

Ethanol (gallons)

261,461

 

 

262,138

 

 

(0.3)

 

518,732

 

 

539,402

 

 

(3.8)

(1) Includes gallons from the ethanol production segment.

GREEN PLAINS INC.

CONSOLIDATED CRUSH MARGIN

(unaudited, in thousands)

 

 

Three Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Ethanol production operating loss (1)

$

(2,213

)

 

$

(25,139

)

Depreciation and amortization

 

20,544

 

 

 

23,253

 

Adjusted ethanol production operating income (loss)

 

18,331

 

 

 

(1,886

)

Intercompany marketing and agribusiness fees, net (2)

 

4,327

 

 

 

6,445

 

Consolidated ethanol crush margin

$

22,658

 

 

$

4,559

 

(1) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of $9.5 million for the three months ended June 30, 2023.

(2) For the three months ended June 30, 2023, includes $1.9 million for certain nonrecurring decommissioning costs and nonethanol operating activities.

Liquidity and Capital Resources

As of June 30, 2024, Green Plains had $225.1 million in total cash and cash equivalents, and restricted cash, and $219.6 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. Total debt outstanding at June 30, 2024 was $610.2 million, including $124.6 million outstanding debt under working capital revolvers and other short-term borrowing arrangements.

Conference Call Information

On August 6, 2024, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss second quarter 2024 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains’ website https://investor.gpreinc.com/events-and-presentations.

Non-GAAP Financial Measures

Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

About Green Plains Inc.

Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels and renewable feedstocks for advanced biofuels. Green Plains is an innovative producer of Sequence™ and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. For more information, visit www.gpreinc.com.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics, such as the COVID-19 outbreak; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions; the financial condition of the company’s customers; any non-performance by customers of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; and the performance of the company.

The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

GREEN PLAINS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

June 30, 2024

 

December 31, 2023

 

(unaudited)

 

 

ASSETS

Current assets

 

 

 

Cash and cash equivalents

$

195,554

 

$

349,574

Restricted cash

 

29,540

 

 

 

29,188

 

Accounts receivable, net

 

99,067

 

 

 

94,446

 

Income taxes receivable

 

1,072

 

 

 

822

 

Inventories

 

187,983

 

 

 

215,810

 

Other current assets

 

38,604

 

 

 

42,890

 

Total current assets

 

551,820

 

 

 

732,730

 

Property and equipment, net

 

1,019,359

 

 

 

1,021,928

 

Operating lease right-of-use assets

 

73,077

 

 

 

73,993

 

Other assets

 

119,344

 

 

 

110,671

 

Total assets

$

1,763,600

 

 

$

1,939,322

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

 

 

 

Accounts payable

$

109,329

 

 

$

186,643

 

Accrued and other liabilities

 

52,080

 

 

 

57,029

 

Derivative financial instruments

 

16,783

 

 

 

10,577

 

Operating lease current liabilities

 

23,863

 

 

 

22,908

 

Short-term notes payable and other borrowings

 

124,579

 

 

 

105,973

 

Current maturities of long-term debt

 

1,830

 

 

 

1,832

 

Total current liabilities

 

328,464

 

 

 

384,962

 

Long-term debt

 

483,773

 

 

 

491,918

 

Operating lease long-term liabilities

 

52,071

 

 

 

53,879

 

Other liabilities

 

18,431

 

 

 

18,507

 

Total liabilities

 

882,739

 

 

 

949,266

 

 

 

 

 

Stockholders' equity

 

 

 

Total Green Plains stockholders' equity

 

867,368

 

 

 

843,733

 

Noncontrolling interests

 

13,493

 

 

 

146,323

 

Total stockholders' equity

 

880,861

 

 

 

990,056

 

Total liabilities and stockholders' equity

$

1,763,600

 

 

$

1,939,322

 

GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands except per share amounts)

 

 

Three Months Ended June 30,

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Revenues

$

618,825

 

 

$

857,632

 

 

$

1,216,039

 

 

$

1,690,581

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Cost of goods sold (excluding depreciation and amortization expenses reflected below)

 

581,002

 

 

 

842,161

 

 

 

1,169,849

 

 

 

1,674,419

 

Selling, general and administrative expenses

 

33,950

 

 

 

33,325

 

 

 

65,719

 

 

 

65,170

 

Depreciation and amortization expenses

 

21,584

 

 

 

24,626

 

 

 

43,071

 

 

 

50,012

 

Total costs and expenses

 

636,536

 

 

 

900,112

 

 

 

1,278,639

 

 

 

1,789,601

 

Operating loss

 

(17,711

)

 

 

(42,480

)

 

 

(62,600

)

 

 

(99,020

)

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

Interest income

 

1,490

 

 

 

2,771

 

 

 

4,000

 

 

 

5,936

 

Interest expense

 

(7,494

)

 

 

(9,741

)

 

 

(15,280

)

 

 

(19,479

)

Other, net

 

345

 

 

 

(161

)

 

 

794

 

 

 

28

 

Total other income (expense)

 

(5,659

)

 

 

(7,131

)

 

 

(10,486

)

 

 

(13,515

)

Loss before income taxes and (loss) income from equity method investees

 

(23,370

)

 

 

(49,611

)

 

 

(73,086

)

 

 

(112,535

)

Income tax benefit (expense)

 

273

 

 

 

1,019

 

 

 

(56

)

 

 

(2,410

)

(Loss) income from equity method investees

 

(941

)

 

 

272

 

 

 

(2,018

)

 

 

376

 

Net loss

 

(24,038

)

 

 

(48,320

)

 

 

(75,160

)

 

 

(114,569

)

Net income attributable to noncontrolling interests

 

312

 

 

 

4,284

 

 

 

602

 

 

 

8,359

 

Net loss attributable to Green Plains

$

(24,350

)

 

$

(52,604

)

 

$

(75,762

)

 

$

(122,928

)

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

Net loss attributable to Green Plains - basic and diluted

$

(0.38

)

 

$

(0.89

)

 

$

(1.19

)

 

$

(2.09

)

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic and diluted

 

63,933

 

 

 

58,874

 

 

 

63,637

 

 

 

58,714

 

GREEN PLAINS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

Net loss

$

(75,160

)

 

$

(114,569

)

Noncash operating adjustments

 

 

 

Depreciation and amortization

 

43,071

 

 

 

50,012

 

Inventory lower of cost or net realizable value adjustment

 

—

 

 

 

9,545

 

Other

 

11,236

 

 

 

11,429

 

Net change in working capital

 

(44,864

)

 

 

(124,850

)

Net cash used in operating activities

 

(65,717

)

 

 

(168,433

)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchases of property and equipment, net

 

(39,484

)

 

 

(48,902

)

Investment in equity method investees

 

(16,023

)

 

 

(8,696

)

Net cash used in investing activities

 

(55,507

)

 

 

(57,598

)

 

 

 

 

Cash flows from financing activities

 

 

 

Net payments - long term debt

 

(7,849

)

 

 

(2,420

)

Net proceeds - short-term borrowings

 

18,199

 

 

 

108,715

 

Payments on extinguishment of non-controlling interest

 

(29,196

)

 

 

—

 

Payments of transaction costs

 

(5,951

)

 

 

—

 

Other

 

(7,647

)

 

 

(20,756

)

Net cash provided by (used in) financing activities

 

(32,444

)

 

 

85,539

 

 

 

 

 

Net change in cash and cash equivalents, and restricted cash

 

(153,668

)

 

 

(140,492

)

Cash and cash equivalents, and restricted cash, beginning of period

 

378,762

 

 

 

500,276

 

Cash and cash equivalents, and restricted cash, end of period

$

225,094

 

 

$

359,784

 

 

 

 

 

 

 

 

 

Reconciliation of total cash and cash equivalents, and restricted cash

 

 

 

Cash and cash equivalents

$

195,554

 

 

$

312,858

 

Restricted cash

 

29,540

 

 

 

46,926

 

Total cash and cash equivalents, and restricted cash

$

225,094

 

 

$

359,784

 

GREEN PLAINS INC.

RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES

(unaudited, in thousands)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net loss

$

(24,038

)

 

$

(48,320

)

 

$

(75,160

)

 

$

(114,569

)

Interest expense

 

7,494

 

 

 

9,741

 

 

 

15,280

 

 

 

19,479

 

Income tax (benefit) expense

 

(273

)

 

 

(1,019

)

 

 

56

 

 

 

2,410

 

Depreciation and amortization (1)

 

21,584

 

 

 

24,626

 

 

 

43,071

 

 

 

50,012

 

EBITDA

 

4,767

 

 

 

(14,972

)

 

 

(16,753

)

 

 

(42,668

)

Proportional share of EBITDA adjustments to equity method investees

 

271

 

 

 

45

 

 

 

316

 

 

 

90

 

Adjusted EBITDA

$

5,038

 

 

$

(14,927

)

 

$

(16,437

)

 

$

(42,578

)

(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806966536/en/

Green Plains Inc. Contacts Investors: Phil Boggs | Executive Vice President, Investor Relations & Finance | 402.884.8700 | phil.boggs@gpreinc.com Media: Devin Mogler | Senior Vice President, Corporate & Investor Relations | 202.389.2670 | devin.mogler@gpreinc.com